Personalisation and customer engagement in insurance products

Framing Effect and Financial Products
Intervention Financial Products

Can personalisation make a difference in insurance products?

Intervention Description

The Financial Conduct Authority (FCA) in the United Kingdom worked to encourage customers to respond and vote on a scheme of insurance products. The company in question wanted valuable customer feedback in order to better choose and market their products. One group of customers received letters in a handwritten envelope, while the other received printed envelopes. Overall, about 21% of customers got in touch with the company with no significant difference seen between the handwritten and printed envelope groups.